88 Greenwich Street

The high-end residential condominium building 88 Greenwich Street in Lower Manhattan, which was badly damaged from flooding caused by Hurricane Sandy, and the target of a $35 million lawsuit, expects to reopen next week, the building’s manager said in a statement last night.

88 Greenwich, also known as the Greenwich Club Residences, is managed by Cooper Square Realty, and had its basement flooded by 3 million square feet of salt water. The city’s Department of Buildings gave the building, at the corner of Rector Street, approval for reoccupancy after declaring the structure “unsound” shortly after the storm hit, the management’s statement said. [more]

Wentworth CEO Michael Mendillo

First Service Residential, which manages more than 200 condos, coops and rental properties in New York and New Jersey, said that it set up a $10 million fund to pay for short–term emergency repairs in the wake of Hurricane Sandy.

The Fort Lauderdale, Fla.-based firm said the fund would provide short-term loans to fix immediate damage from the storm as more than 30 percent of its Northeast portfolio was damaged. The company manages more than 30,000 units in New Jersey and New York through its Wentworth Property Management and Cooper Square Realty subsidiaries. [more]

6 East 43rd Street; David Kuperberg, Cooper Square’s founder and CEO

Cooper Square Realty Inc. has filed suit against its former landlord, at 6 East 43rd Street, claiming that the affiliate of Emigrant Savings bank has attempted to draw down its letter of credit amid claims that it left its former headquarters in less-than-pristine condition.

The biggest residential building manager in New York, Cooper Square is seeking an injunction to prevent the landlord from another attempt at drawing down its credit line, which was used in place of cash for the security deposit. [more]

Cooper Square CEO David Kuperberg and 95-25 Queens Boulevard

Cooper Square Realty, the largest residential property manager in New York City, has opened a new office in Rego Park, Queens, a statement from the company today said. The office is located at 95-25 Queens Boulevard, at Junction Boulevard, and employees moved in yesterday, a spokesperson for Cooper Square said. This marks Cooper Square’s fourth office in the five boroughs, with other offices in Staten Island, Brooklyn and Manhattan, at 622 Third Avenue. [more]

From left: Dan Neiditch, president of River 2 River Realty, and the Atelier building

The condominium board of the Atelier building at 635 West 42nd Street has terminated its management agreement with Cooper Square Realty, the company that has managed the building since it opened in 2007, The Real Deal has learned.

Effective April 30, the 475-unit building will be self-managed, said Dan Neiditch, president of River 2 River Realty, the firm handling rentals and sales for the Midtown West building, and president of the condo board. The building’s board will handle all maintenance and operations in-house, Neiditch said, while back office management company American Property Management will take charge of the building’s finances. [more]

From left: William Mack, chairman of Area Property Partners, Neil Rubler, CEO of Vantage Properties, 43-09 47th Avenue in Sunnyside and 102-43 Corona Avenue in Corona

Major residential landlord Vantage Properties is turning over most of its ownership position in nearly 80 heavily rent-regulated apartment buildings in Queens to joint venture partner Area Property Partners, sources familiar with the deal said.

Area Property, led by chairman William Mack, will take control of the apartment buildings from Vantage, headed by CEO Neil Rubler, by the end of December, and transfer management to two well-known firms, the sources said. However Vantage would retain some ownership stake, but it was not clear what it would be, another source said.

Manhattan-based Cooper Square Realty and Forest Hills-based Bronstein Properties, will manage the buildings once the change happens, several sources said. … [more]

Cooper Square Realty has been tapped as the managing agent for New York by Gehry, the 76-story Financial District rental tower developed by Forest City Ratner, Crain’s reported. Move-ins have already begun at the steel, 903-unit building, whose leasing office opened last month. Citi Habitats, which is marketing the property with Nancy Packes, would not reveal occupancy numbers but said leasing activity has been “above expectations.” Studios at the 8 Spruce Street behemoth — the tallest residential building in the city — start at $2,630 per month, while one-bedrooms start at $3,580 per month and two-bedrooms start at $5,945 per month. [Crain’s]

Building superintendants are getting a makeover, as a new breed of supers, sometimes called “resident managers,” are showing how the job has changed over the years, the New York Times reported. “The role of the superintendent has evolved,” said Dan Wurtzel, the president of Cooper Square Realty, which manages the condominiums at the Plaza and other buildings. “It used to be considered a blue-collar job, a fix-it person, but now if I was given the choice between hiring the best mechanic out there who had no people skills, versus someone with exceptional communication and customer service skills for a luxury building, I would choose the latter every time.”… [more]

From the December issue: Residential property management group Cooper Square Realty has added 2,300 units to its portfolio. The company, which manages more than 60,000 residences, announced the new additions to its client list, spread across 11 different buildings, including the Artisan Lofts condo at 143 Reade Street and the Mirada condo at 161 East 110th Street. It is also expanding its presence in the rental market, taking over management at buildings such as 34 Leonard Street and 90 Pinehurst Avenue. [more]

Annual common charges in New York City condominiums are slated to increase next year by between 4.5 percent and 6.5 percent, on average, according to property management company Cooper Square Realty, which is the managing agent for more than 400 apartment buildings in the city, including the Plaza and One Lincoln Square. Meanwhile, co-op owners are getting hit a little harder, with maintenance charges set to rise by an average of between 5.5 percent and 7.5 percent in 2011. TRD… [more]